Neuronetics (NASDAQ:STIM) Price Target Raised to $8.00 at Canaccord Genuity Group

Neuronetics (NASDAQ:STIM - Free Report) had its target price lifted by Canaccord Genuity Group from $5.00 to $8.00 in a research report report published on Wednesday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Neuronetics Stock Performance

NASDAQ:STIM traded up $0.11 on Wednesday, reaching $5.07. 1,463,479 shares of the company's stock were exchanged, compared to its average volume of 574,918. The company has a debt-to-equity ratio of 4.90, a current ratio of 3.16 and a quick ratio of 2.87. The firm has a market cap of $153.86 million, a price-to-earnings ratio of -4.12 and a beta of 2.07. Neuronetics has a 52 week low of $0.52 and a 52 week high of $5.92. The stock has a fifty day simple moving average of $3.21 and a 200-day simple moving average of $1.76.

Insiders Place Their Bets

In other news, CFO Stephen Furlong sold 14,836 shares of the firm's stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $3.28, for a total value of $48,662.08. Following the completion of the transaction, the chief financial officer now directly owns 482,572 shares in the company, valued at approximately $1,582,836.16. This trade represents a 2.98 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP William Andrew Macan sold 12,175 shares of the firm's stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $3.83, for a total transaction of $46,630.25. Following the completion of the transaction, the executive vice president now owns 388,647 shares of the company's stock, valued at $1,488,518.01. This trade represents a 3.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 100,369 shares of company stock worth $358,929 over the last quarter. 9.80% of the stock is currently owned by company insiders.

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Hedge Funds Weigh In On Neuronetics

Large investors have recently modified their holdings of the company. HighTower Advisors LLC boosted its position in shares of Neuronetics by 55.5% in the third quarter. HighTower Advisors LLC now owns 245,982 shares of the company's stock valued at $187,000 after acquiring an additional 87,816 shares during the period. GSA Capital Partners LLP lifted its position in Neuronetics by 64.5% during the third quarter. GSA Capital Partners LLP now owns 78,642 shares of the company's stock valued at $60,000 after purchasing an additional 30,837 shares during the last quarter. Landscape Capital Management L.L.C. bought a new stake in Neuronetics during the third quarter valued at approximately $53,000. Balyasny Asset Management L.P. lifted its position in Neuronetics by 29.5% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,481,771 shares of the company's stock valued at $2,386,000 after purchasing an additional 337,539 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in Neuronetics by 10,954.1% during the fourth quarter. JPMorgan Chase & Co. now owns 54,939 shares of the company's stock valued at $88,000 after purchasing an additional 54,442 shares during the last quarter. 53.59% of the stock is currently owned by institutional investors.

About Neuronetics

Neuronetics, Inc, a commercial stage medical technology company, designs, develops, and markets products for patients with neurohealth disorders in the United States and internationally. The company offers NeuroStar Advanced Therapy System, a non-invasive and non-systemic office-based treatment to treat adult patients with major depressive disorder.